Hong Kong, 15 November 2021 — Mox Bank Limited (“Mox”) is making it easier for Mox Credit customers to get the cash they need during the tax and festive seasons with ‘Instant Loan’ on Mox Credit². An ‘Instant Loan’ of HKD100,000 or more with repayment periods of between 25 and 36 months will enjoy an Annualised Percentage Rate (“APR”) as low as 1.39% and zero handling fees. This means that Mox Credit customers with ‘Instant Loan’ of HKD100,000 and a repayment period of between 25 and 36 months will pay less than HKD2¹ in interest each day.
‘Instant Loan’ allows Mox Credit customers to get cash loans instantly at competitive rates. They can choose a repayment timeframe of between 3 and 36 months and draw the cash from their Mox Credit in only a few steps. They can take advantage of new opportunities or meet year-end financial needs with the immediate application decision and, if approved, cash availability.
Barbaros Uygun, CEO of Mox, said: “Paying tax during the festive season can be stressful on finances. That's why we are introducing this service to remove the traditional long approval processes for loans. With ‘Instant Loan’ on Mox Credit, you get the decision and, if approved, cash you need immediately. Since the launch of ‘Instant Loan’ and ‘Split Purchase’ on Mox Credit just a few months ago, we have won praises from customers and one in six of our customers have tried one of these services."
‘Instant Loan’ draws cash from ‘available to spend’ on Mox Credit and credits it instantly into the Mox Account upon approval. Mox Credit customers with a sufficient credit line can apply for an ‘Instant Loan’ anytime without submitting additional documents and instantly receive an application decision. The ’monthly instalments’ for the ‘Instant Loan’ are billed to the Mox Credit statement on a monthly basis. Mox Credit customers can also request a higher credit limit for their Mox Credit using the Mox app. Customers who want Mox Credit can apply for it when they open a Mox Account without submitting additional information or documents.³
Customers who open a Mox Account using the invitation code ‘EARN200’⁴ and spend HKD200 or more on their Mox Card (from their Mox Account or with their Mox Credit) within 30 days will enjoy an HKD200 welcome offer from Mox.
To borrow or not to borrow? Borrow only if you can repay!
¹For an Instant Loan on Mox Credit of HKD100,000 with between 25 and 36 monthly instalments, the Annualised Percentage Rate (APR) is 1.39% - 1.40%, and the estimated daily interest payable for that Instant Loan is HKD1.97. The actual APR applicable may differ. Mox calculates APRs on the basis of a 365 day year. This promotional offer is subject to your Mox Credit account status at the time of application and the bank’s final decision. Mox will also review the fees applicable to Instant Loans from time to time. Please refer to the Instant Loan Key Facts Statement on Mox’s website for more details.
³In some circumstances, you may be required to submit additional supporting documentations and such submission process is smart and easy.
⁴Terms and conditions apply.